The Egyptian government said on Thursday that the Indian industrial group Reliance will invest $10 billion in the oil refining, petrochemicals and plastics industries in Egypt.
The state news agency MENA said Egyptian Prime Minister Ahmed Nazif announced the decision by the Indian company after meeting Reliance executives in the port city of Alexandria.
Nazif's spokesman, Magdy Rady, said the investments by Reliance would include $1 billion to build an oil refinery and $7 billion in petrochemicals, MENA added. It gave no further details of the projects.
The Egyptian government estimates Indian investments in Egypt are worth $320 million. Reliance Petroleum Limited, a subsidiary of Reliance group, has been importing and marketing Egyptian crude oil since 2001.
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